Founded in 2014, Iflix currently provides access to Western, Asian and Middle Eastern TV series and movies – featuring properties from Disney, Warner Bros, Paramount and Sony – to 13 different Asian countries, including Pakistan, Sri Lanka and Thailand.
Iflix CEO Marc Barnett said in a statement: “The industry is not immune to these unprecedented circumstances.
“Our decision to reduce the company’s headcount has come after careful consideration and in conjunction with other cost-cutting measures, to enable the company to endure this indefinite and uncertain period.”
More than 50 jobs are being terminated in an effort to ease the company’s debt repayment issues, which have been exacerbated by the coronavirus.
In a letter to shareholders, Barnett reported that monthly active users have reached a record high of 21 million, up 42 per cent since the start of the year. Iflix had also hit its revenue target for the first three months of 2020.
Less than two weeks ago, rival South East Asian streaming service Hooq, which is co-owned by WarnerMedia and Sony, announced it would be entering liquidation.